Title: Note 1 Basis of Presentation
Accounting Policies: 1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement and may differ from amounts presented in or used in the preparation of the financial statements.
2) Youth Co-Op, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization uses a provisional indirect cost rate of 8.63% (as negotiated with CareerSource South Florida) and allowable indirect cost rates for other funding sources of Modified Total Direct Cost (MTDC) for administrative services which is based on all direct salaries and wages, applicable fringe benefits, material and supplies, services, travel, and up to the first $25,000 of each subaward. MTDC excludes equipment, capital expenditures, rental/lease costs and the portion of each subaward in excess of $25,000. Those allowed costs are charged to the various activities and are directly charged to certain activities and allocated to the remaining activities of the Organization.
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of
Youth Co-Op, Inc. under programs for the federal government for the year ended June 30, 2023. The
information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance).
Title: Note 2 Summary of Significant Accounting Policies
Accounting Policies: 1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement and may differ from amounts presented in or used in the preparation of the financial statements.
2) Youth Co-Op, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization uses a provisional indirect cost rate of 8.63% (as negotiated with CareerSource South Florida) and allowable indirect cost rates for other funding sources of Modified Total Direct Cost (MTDC) for administrative services which is based on all direct salaries and wages, applicable fringe benefits, material and supplies, services, travel, and up to the first $25,000 of each subaward. MTDC excludes equipment, capital expenditures, rental/lease costs and the portion of each subaward in excess of $25,000. Those allowed costs are charged to the various activities and are directly charged to certain activities and allocated to the remaining activities of the Organization.
1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement and
may differ from amounts presented in or used in the preparation of the financial statements.
2) Youth Co-Op, Inc. has elected not
Title: Note 3 Audits Performed by Other Organization
Accounting Policies: 1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement and may differ from amounts presented in or used in the preparation of the financial statements.
2) Youth Co-Op, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Organization uses a provisional indirect cost rate of 8.63% (as negotiated with CareerSource South Florida) and allowable indirect cost rates for other funding sources of Modified Total Direct Cost (MTDC) for administrative services which is based on all direct salaries and wages, applicable fringe benefits, material and supplies, services, travel, and up to the first $25,000 of each subaward. MTDC excludes equipment, capital expenditures, rental/lease costs and the portion of each subaward in excess of $25,000. Those allowed costs are charged to the various activities and are directly charged to certain activities and allocated to the remaining activities of the Organization.
During the year ended June 30, 2023, audits were performed by South Florida Workforce Investment
Board (SFWIB), Miami-Dade County, the United States Committee of Refugees and Immigrants
(USCRI) and the Department of Children and Families (DCF) of YCI’s administration of federal
awards. While these agencies identified findings, observations and recommendations on its monitoring
reports, none were determined to be significant. YCI replied with a plan of corrective action, which was
accepted by the agencies.